Alex Callinicos: The Pitch(03:32)

Callinicos argues that capitalism is broken and discusses Marx's view of capital as an antagonistic social relationship of exploitation and competition. Economic crises are intrinsic to the system. Capitalism is struggling with chronic profitability problems.

Stephen Dorrell: The Pitch(03:58)

Dorrell disagrees that capitalism leads to slow growth, since it has improved living standards over the past two centuries. The principles of private property and active markets should diffuse power and hold it to account. The political debate should address acceptable degrees of income inequality and collective decision making.

Paul Krugman: The Pitch(05:39)

Krugman argues that the theories of market economies, market incomes, and capital only partially apply to the real world. Most advanced countries have a large public sector and income redistribution; people do not live in a true free market situation. The increase in U.S. inequality has been through financial sector compensation— not capital income.

Theme One: The Wealth Divide(08:39)

Bolton references an OECD report about increasing inequality in CEO compensation. Callinicos says relative equality in the mid-20th century coincided with state restrictions on capital. Dorrell argues that the system is increasing living standards across the board, and advocates market regulation.

Theme Two: Alternatives to Capitalism - Part One(07:21)

Callinicos proposes a democratically planned economy to address climate change, in which producers and consumers would determine regional priorities. Bolton asks whether the populace can make scientifically informed decisions. Dorrell discusses an experimental democratically planned healthcare program in Manchester.

Alternatives to Capitalism - Part Two(07:14)

Callinicos argues that a democratically planned economy would not work within a capitalist framework, but agrees with Dorrell on decentralization and individual choice based on diverse proposals. Krugman discusses the U.S. president's top down policies banning new coal plants and argues that free markets do not exist. Callinicos argues that climate change decisions should be made globally.

Theme Three: the Future of Capitalism(04:47)

Krugman says the E.U. depends on whether former Troika nations force Greece out; the U.S. economy depends on the presidential election. Dorrell says the E.U. debate involves whether France and Germany help pay for the Greek crisis. Callinicos predicts continued global economic stagnation, but is optimistic about alternative political and economic movements in Spain.

Description

As China and Russia adopt their own variants, the reign of capitalism seems absolute. Yet there are many who wish for an alternative and some who claim a final crisis is in the making. Is there a radical alternative that we have not yet discovered? Or is the reality that capitalism is the only viable economic system?

The Panel

Former Secretary of State for Health Stephen Dorrell, Nobel Prize-winning economist Paul Krugman and Marxist political theorist Alex Callinicos reimagine capitalism and the current economic system.